Common use of Fixed Payments Clause in Contracts

Fixed Payments. (a) Within five (5) Business Days from the Signing Date, Acer shall pay Relief Ten Million Dollars ($10,000,000) (the “Initial Payment”) via wire transfer and, immediately upon the execution of the payment, it shall provide Relief with an official payment receipt or wire transfer slip issued by Acer’s bank. (b) Within three (3) Business Days following the one year anniversary date of the Initial Payment, Acer will pay Relief One Million Five Hundred Thousand Dollars ($1,500,000) (the “Second Payment”). (c) The Initial Payment and the Second Payment shall be defined as the “Fixed Payments”. For the avoidance of doubt, the Fixed Payments will be fully earned, not creditable, not refundable and not contingent upon any future performance or occurrence.